"Just that," said Slade, not unwilling that they should know the depth of his game. "If the Associated fails, sixty-seven institutions fail from here to San Francisco. I have taken care of that in the last two months."
"You haf ingreased your oplications at sooch a time!" fairly shrieked Forscheim, who saw his victory eluding him.
"You bet I did," said Slade. "I made sure that I couldn't be allowed to fail."
He took from his pocket a folded sheet and handed it to Steele, who had a moment before finally determined to come to his support.
"That's what failure means. Pass it around," he said.
The lawyer elevated his eyebrows in astonishment. The disclosure of how Slade by negotiating loans with a number of subsidiary institutions throughout the country had made them united in his general fate, completed the dawning recognition of a master which had been forming in his mind.
"He will beat them," he thought, passing on the paper. "He will go far. I must be his friend." Aloud he said carefully: "Of course, Mr. Slade, at the bottom the affairs of the Associated Trust are absolutely solvent."
"Solvent under any system of banking in the world which does not withhold ready money on proper guarantees," said Slade, looking at him with a glance that showed the lawyer he had received his alliance; "solvent as the Atlantic Trust was, is, and will be proved to be. You gentlemen know that as well as I do."
"Of course, Mr. Slade," said Steele, with an appearance of aggressiveness which the other understood perfectly, "one thing must be understood—the present speculative operations of the Trust Companies can not go on."
"Now, gentlemen, to finish up," said Slade, who seized the hint. "Here's my answer: I will agree to any legislation, in fact will urge it, that will place the Trust Companies on the basis of the National Banks; that is, on the same conservative basis of loans and transactions. That is right. I am now convinced that it is for the best." He allowed a slight smile to show and continued: "I will resign as President of the Associated Trust three months from to-day. That I had already determined on. For what I wish to do, that would only be an embarrassment. You will lend me the five millions I wish and, better still, tomorrow morning make a simple announcement to the effect that, having consulted on the affairs of the Associated Trust, you have found no reasons for apprehension, and announce that you will come to its support. Sign it Fontaine, Gunther, McBane, Marx and Stone, and the run on the banks will end in twenty-four hours. Tomorrow morning I will personally assure Mr. Steele, by an examination of my books, that affairs are as I have described. After this examination you can place five millions to my disposal—if necessary. Believe me, this is a much better way to end the panic. You reassure public confidence by your guarantee. The other way, by forcing my resignation, you create an impression that everything is rotten. Besides, the first way has this advantage—it is the only way. That's my word, gentlemen; if you intend to stop the panic you've got to float me!"